Science / Health

3 Ways to Reduce Your Medical Expenses

Incurring hefty medical bills is a position no one wants to find themselves in. Healthcare expenses can put extreme pressure on individuals’ and families’ finances, so it’s important that you ensure you are not in a position where this could happen to you, if you can. And while some medical bills are unfortunately unavoidable, there are also a surprising number of ways you can reduce your expenses, by a significant amount. Here are just a few ways you can go about doing so.

Taking Note of Any Medical Services You Receive

One of the simplest and easiest ways you can cut your medical bills is by accurately recording all medical service you receive. This can include specialist consultations, procedures, or extended stays in hospital. This is important, because while doctors usually maintain a strict code of ethics, some can be guilty of ascribing unnecessary services, to artificially increase your healthcare bill. This can be even more frustrating if your physician schedules a type of appointment or procedure that is not covered by your current health insurance plan. If you think, in hindsight, that any services you were charged for by your doctor were unnecessary, recording the services given can help you make your case more easily if you decide to dispute the bill with your care provider. It is also worth remembering that, while it may be uncomfortable, you can always decline any additional consultations, procedures, or operations, if you think they are not required. It’s therefore always good practice to ask your physician why they are suggesting any additional service.

Purchasing Medicare Supplement Coverage

While purchasing additional insurance may seem counterintuitive to saving money, you may find that investing in medicare supplement coverage can substantially reduce your medical bills in the long run. This refers to insurance which covers any gaps in your current health insurance plan. While insurance costs alone can be hard to stomach, they cost significantly less than the expenses for procedures, treatments, and consultations that are not covered by your insurance plan, which can often quickly reach into 4 or 5 figures. However, like regular health insurance, medicare supplement plans can vary greatly in their coverage and pricing. It’s consequently important to conduct a thorough comparison of medicare supplement plans prior to choosing a provider.

Choosing the Right Health Insurance Plan

Health insurance plans can differ noticeably in their strengths and weaknesses. Depending on what you require from your healthcare provider, it may be the case that changing your insurance plan can save you a significant amount of money on insurance costs. HMOs, for example, are generally the cheapest plans in terms of premiums. However, they only provide cover for physicians in their healthcare network. As a result, you may have to incur additional travel costs, if there are no in-network doctors close to your location. Conversely, while greater coverage generally means higher premiums, investing in a comprehensive plan can still be fiscally responsible, because out-of-pocket expenses will almost certainly be higher than the additional premium costs.

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